Wearable brand Huami goes public; raises $110M

Huami, the smart wearable device brand from Chinese smartphone maker Xiaomi has been officially listed on the New York Stock Exchange under the symbol “HMI”. In addition, the company has also raised $110 million by offering 10 million shares at $11, the mid-point of the planned price range of $10-$12.

Huang Wang, Founder, Chairman and CEO of Huami, defined his company as a biometric and activity data-driven one. He said the money raised will be primarily used in research as there are many more types of wearable devices being developed in the company’s lab.

According to TechCrunch, Xiaomi has a 19.3 percent stake in Huami, and its CEO Lei Jun owns additional 20.4 percent. Since its inception in 2013, the company has sold more than 45 million devices to date. The Mi Band, Mi Band 1s, and Mi Band 2 are manufactured by Huami for Xiaomi.

Huami recently rolled out its latest smartwatch Amazfit Bip for $99, featuring more than 30 days of battery life with regular use, and up to 45 days with minimal notifications, on a single charge. Apart from showing time and notifications, the Amazfit Bip also counts your steps, distance, speed, elevation, calories burnt, and more.